Qui is aiming to build tools based on new open standards and protocols that would enable individuals to easily have their credentials verified when they apply online for such things as accounts or jobs
Mr. Steel, whose pension fund employer quintupled its early $10-million investment in Wave, has made good on that pledge. OMERS , along with the Weston family’s Wittington Ventures, Round 13 Capital and several North American angel investors have invested US$5-million in Mr. Simpson’s new company, Qui Identity Inc.
The other main investors needed no convincing or introduction either: Wittington Ventures managing partner Jim Orlando also worked for OMERS Ventures, while Satraj Bambra, managing partner of Round 13′s Digital Asset Fund, once worked for Wave as a mobile developer.“This comes down to, it’s a really interesting problem and these are the right people to back to figure out a way to solve this problem,” he said.
Qui is aiming to build tools based on new open standards and protocols in the nascent decentralized identity space that would enable individuals to easily have their credentials verified when they apply online for such things as accounts or jobs. Rather than send digitized photocopies of their licences, diplomas, degrees, registrations or certificates to companies or agencies that then validate them, users would receive verified, tokenized digital credentials from the issuing organizations.
The concept is the easy part. Hiring 10 people by year’s end is the next step, then building a “minimum viable product” by early 2023. But Mr. Simpson has the experience of building a company in Wave that had the challenge of convincing many, disparate small businesses to adopt its software in order to grow. Part of its success came from offering a basic, easy-to-use free version of its accounting and invoicing software to get businesses to try it. Wave then offered financial services such as bank transfers, loans and payroll services through the platform and expanded to 300,000 customers and $100-million in revenue on Mr.
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